How Does a Medicare Prescription Drug Plan Work?
Medicare prescription drug plans differ in their costs, the drugs they cover, and the pharmacies they work with. But here’s how a basic plan would work. • Each month, you pay a monthly fee — or premium — for your Part D prescription drug plan. The average is $30.36, although it varies across the country. You have to keep paying the Medicare Part B premium, which covers doctor visits, as well. • You may also pay a yearly deductible. Yearly deductible is the amount you pay for your prescriptions before the plan begins to pay. Some plans charge no deductible. The standard is $295 in 2009, although it varies depending on your plan. After you have paid the deductible out of your own pocket, your Medicare Prescription Drug Plan kicks in. • Then, when you buy medications, you pay part of the costs, and your plan covers the rest of the costs. Your share may be a flat fee, called a co-pay, or a percentage of the cost of the drug, called co-insurance. • In many plans, there is a coverage gap a
Related Questions
- I have a Medigap plan that covers prescription drugs. Can I keep that plan and choose NOT to enroll in Medicares prescription drug coverage?
- As a Senior Gold participant enrolled in Medicare Part D, can I use my Medicare prescription drug plan benefits outside of New Jersey?
- How Does a Medicare Prescription Drug Plan Work?
